Tony Elumelu to step down as UBA chairman, successor named

United Bank for Africa Plc (UBA) has announced that its Group Chairman, Tony Elumelu, will retire from the board on August 21, 2026, after completing the maximum 12-year tenure for non-executive directors prescribed by the Central Bank of Nigeria.

The bank also named current non-executive director Emmanuel Nnorom as its incoming Group Chairman, with his appointment taking effect on the same day Elumelu leaves office.

The decision was announced on Monday following a meeting of the bank’s board of directors.

In a statement, UBA described Elumelu’s tenure as transformative, crediting him with strengthening the bank’s position as one of Africa’s leading financial institutions.

The bank stated: “The Board places on record its profound appreciation to Elumelu for his visionary leadership and exceptional contribution to the strategic vision and institutional strength of the UBA Group.”

It added that under his leadership, UBA expanded its pan-African footprint to 20 African countries while establishing operations in four global financial centres.

According to the bank, the institution now serves more than 50 million customers across its network.

UBA noted that the transition aligns with the Central Bank of Nigeria’s corporate governance guidelines, which stipulate a maximum tenure of 12 years for non-executive directors to strengthen board independence and governance standards.

Reacting to the announcement in a Facebook post titled “Celebrating an African Institution: My Farewell from UBA,” Elumelu reflected on his decades-long association with the bank and the vision that guided his leadership.

He wrote: “I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny — waiting to be transformed, waiting to be believed in.”

Elumelu said Africa’s challenge was not a lack of talent but the need for enduring institutions.

He stated: “Africa does not have a shortage of brilliant women and men.

“Africa suffers a shortage of institutions that outlast brilliant women and men.”

Describing the transition as a new phase for the bank, he added: “Leadership is not about holding onto a position, but knowing when an institution is ready for the next chapter.”

Elumelu confirmed that he would conclude his tenure on August 21 after “twelve years and decades of association with this extraordinary institution,” expressing “profound gratitude, immense pride, and most importantly – great optimism for the future.”

He said the vision behind building UBA was to connect Africa to itself and the rest of the world through a strong indigenous financial institution.

According to him: “Today, that vision is reality. UBA Group serves over 50 million customers, operates across 20 African countries and four continents, supports trade and investment, and demonstrates that an African institution can compete globally, while being deeply committed to our continent’s development.”

Elumelu attributed the bank’s achievements to generations of employees, management, directors, shareholders, regulators, customers and partners who supported the institution’s growth.

He also welcomed Nnorom as his successor, expressing confidence in his leadership and experience while urging shareholders, customers, partners and members of the UBA family to give him the same support they had shown throughout his tenure.